CTAC, the ‘high end’ security business acquired by AIM listed Westminster Group Plc (LON:WSG) two weeks ago for £1.8 million, has just pulled in two new contracts together worth £1.02 million. The new agreements involve the provision of high security products and services to bullion storage depots in the UK and are scheduled to complete during 2010.
Peter Fowler, the chief executive of Westminster, said: “At the time of our acquisition I stated that I believed the company was at an exciting stage with tremendous growth prospects and was an excellent fit for our business. It is indeed pleasing to be able to issue significant contract news so soon after that statement.”
Yesterday, Westminster published its results for the year to December 31, 2009, which showed a 45% rise in sales to £7.9 million and a swing to an underlying profit of £217,000 from a loss the previous year of £47,000.